Lendable is believed to have reached unicorn status.
The peer-to-peer consumer lender, which is unlisted, has been valued at more than £1bn based on secondary market fundraisings, according to reports.
The analysis, by Sifted, claims the valuation came as an internal transaction saw unnamed early investors and employees cash in around £30m in shares, while Lendable’s existing institutional backers increased their stake.
In contrast, publicly-listed Funding Circle is currently worth £604m.
John Cronin, an analyst for brokerage Goodbody, said the valuation represents a “significant uplift” from the £500m value attached to the business when Balderton Capital led a secondary sale in 2018.
“Notably, Lendable has raised just £4m in equity to date and booked £15m in profits on £32m in revenue in 2019,” he said.
“However, the next acid test from a valuation perspective will be when Lendable seeks to raise more institutional capital for expansion purposes.”
Lendable has been asked for comment.